October 28, 2020

Taxed Off: Tax-exempt hospitals still go offshore


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screen-shot-2016-11-01-at-2-23-07-pmBy , From Press Connects

Health care reporter David Robinson discusses the growing land value of state hospitals and how some are investing in “murky” offshore investments. Part of Taxed Off, a USA Today Network investigation. Ricky Flores/lohud

Nonprofit hospitals in New York have tax-exempt property valued at $22.7 billion
16 select NY nonprofit hospitals and health systems have $2.6 billion invested in offshore tax havens
Top executives were paid millions in bonuses by nonprofit hospitals with offshore investments

Some New York hospitals have invested billions in a complex and risky offshore financial network despite receiving tax exemptions stateside, The Journal News/lohud has found.

Many of the tax havens traced back to the Panama Papers, a global news consortium’s report that used leaked legal documents to expose how corporate executives and political leaders stashed billions of dollars in Central American banks.

The Panama Papers ignited probes of high-ranking politicians and powerful companies, and shined a light on the dark world of international finance, prompting resignations that shocked entire nations.

And now, while these latest revelations about the New York hospitals are legal, the foreign investments further fueled debate about why the nonprofit hospitals are tax exempt despite the fact many swim overseas in the same murky financial waters as for-profit companies.

IMAGE: (Photo: File photo by Carucha L. Meuse/The Journal News)

For more on this story go to: http://www.pressconnects.com/story/news/local/2016/10/30/taxed-tax-exempt-hospitals-still-go-offshore/93015046/

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